Kolte Patil developers raise Rs 206cr from Marubeni Corporation for new residential project

Pune based Kolte Patil Developers has raised Rs 206 crore from Marubeni Corporation, Japan, for its upcoming residential project located in Pimple Nilakh micro market, Pune.

Based on the agreement, Marubeni Corporation will be entitled to 2.85 lakh sq. ft. of saleable area.

“This investment will help fast-track our business development goals. We believe that this association with a leading global organization of repute once again highlights our organizational capabilities and governance standards,” said Yash Patil, Joint Managing Director,

Kolte-Patil Developers.

The Pimple-Nilakh residential project, one of the priority launches in Kolte-Patil’s 24K premium luxury segment portfolio, has a total development potential of ~8 lakh sq. ft.

KPDL will receive this amount in a single tranche, providing further liquidity to the company to invest in business development opportunities.

“We believe Kolte-Patil’s strong ability to understand and execute on projects and their reputation built over decades of successful customer engagement will help us to consolidate our presence in the Indian real estate market. We look forward to this association to jointly create home spaces that improve the livability quotient for a large number of people in India,” said Noritake Miyaguchi, General Manager, Overseas Real Estate Business Dept, Marubeni Corporation.

Kolte Patil has developed and constructed over 50 projects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of ~23 million square feet across Pune, Mumbai and Bengaluru.